Euro moves within descending channel – Technical Analysis – 18-11-2015

The EURUSD declined recently to reach 1.0635 support level mentioned yesterday, while the price continues to move within descending channel on the short term basis, falling under continuous negative pressure by the moving average 50, to move around this key support, noticing the draining of the oversold signals on the relative strength indexes, showing clear rise.

Therefore, we expect more decline in the coming trading especially after breaking 1.0635 support, targeting 1.0580 support level as a next target.